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US States, City Sector Outlook to Weaken as Economy Slows: Fitch

Dec. 2, 2022, 9:45 PM

Fitch Ratings expects a “deteriorating” outlook for US states and local governments next year due to a slowing economy, according to the company’s 2023 outlook report.

  • US states and local governments are likely to see a slowdown or even declines in property-tax collections, the report said, citing a cooling housing market and stagnant return-to-office trends
    • “The ability of cities with large downtown office cores to continue making progress towards pre-pandemic levels of economic activity could become a more salient credit issue over the next several years,” said Michael Rinaldi, who oversees Fitch’s US local-government ratings
  • Even as the overall ...